On the basis of the following data for Grant Co. for 2011 and the preceding year ended December 31, 2010, prepare a statement of cash flows. Use the indirect method of reporting cash flows from operating activities. Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000; that the stock was issued for cash; and that the only entries in the retained earnings account were net income of $56,000 and cash dividends declared of $18,000.
Definitions:
mRNA
Messenger RNA (mRNA) is a type of RNA that carries genetic information from DNA to the ribosome, where it directs the synthesis of proteins.
Deoxyribose
Pentose sugar lacking a hydroxyl (—OH) group on carbon-2′; a constituent of DNA.
Hydroxyl Group
A functional group consisting of an oxygen atom bonded to a hydrogen atom (-OH), which is found in alcohols and many other organic molecules.
Ribose
The 5-carbon sugar present in RNA and in important nucleoside triphosphates such as ATP.
Q4: The statement of cash flows is not
Q9: Which of the following accounts will be
Q10: Identify the following costs as a (a)
Q20: A restriction/appropriation of retained earnings<br>A) decreases total
Q30: The interest expense recorded on an interest
Q39: A prior period adjustment should be reported
Q43: The following data (in thousands of dollars)
Q50: Prime costs are the combination of direct
Q53: Horizontal analysis is a technique for evaluating
Q55: Characteristics of a corporation include<br>A) shareholders who